Latin American oil and gas explorer and operator GeoPark has expanded its portfolio with the addition of four new exploration blocks in Brazil’s hydrocarbon basins Reconcavo and Potiguar.

The company secured blocks REC-T-58, REC-T-67, REC-T-77 and POT-T-834 in the first cycle of the permanent offer held by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP).

These blocks represent low-risk and low-cost exploration acreage, which enable GeoPark to strengthen its existing portfolio in the Reconcavo and Potiguar basins, as well as its adjacent existing producing fields.

GeoPark noted that the Reconcavo blocks are located near its recent light oil discovery Praia dos Castelhanos in block REC-T-128. The company operates and owns a 70% working interest in this block.

The blocks cover an area of 30,731 acres in aggregate.

GeoPark has discovered several oil prospects and leads, based on existing 3D seismic survey and other relevant data. It will own a 100% working interest and serve as the operator of these prospects.

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The company has committed to invest at least $1.3m in aggregate during the first five-year exploration phase.

GeoPark CEO James Park said: “GeoPark continues to expand block by block in the most attractive proven Latin American hydrocarbon basins and cost-effectively assemble a unique risk-balanced short, medium, and long-term inventory of exciting new growth projects.”

Last June, GeoPark and integrated energy company YPF acquired the Los Parlamentos block in the Neuquen Basin in Argentina.

Geopark signed an agreement to acquire three blocks in the Neuquen Basin from Pluspetrol in December 2017.